The Pit [41]
his back turned, muttering his disgust, the latter, while carrying on a grave conversation with his neighbour, carefully stuck a file of paper javelins all around the Jew's hat band, and then--still without mirth and still continuing to talk-- set them on fire.
Landry imagined by now that ninety-four and an eighth was as high a figure as he could reasonably expect that morning, and so began to "work off" his selling orders. Little by little he sold the wheat "short," till all but one large lot was gone.
Then all at once, and for no discoverable immediate reason, wheat, amid an explosion of shouts and vociferations, jumped to ninety-four and a quarter, and before the Pit could take breath, had advanced another eighth, broken to one-quarter, then jumped to the five- eighths mark.
It was the Report on the Visible Supply beyond question, and though it had not yet been posted, this sudden flurry was a sign that it was not only near at hand, but would be bullish.
A few moments later it was bulletined in the gallery beneath the dial, and proved a tremendous surprise to nearly every man upon the floor. No one had imagined the supply was so ample, so all-sufficient to meet the demand. Promptly the Pit responded. Wheat began to pour in heavily. Hirsch, Kelly, Grossmann, Leaycraft, the stolid Winston, and the excitable Rusbridge were hard at it. The price began to give. Suddenly it broke sharply. The hand on the great dial dropped to ninety-three and seven-eighths."
Landry was beside himself. He had not foreseen this break. There was no reckoning on that cursed "visible," and he still had 50,000 bushels to dispose of. There was no telling now how low the price might sink. He must act quickly, radically. He fought his way towards the Porteous crowd, reached over the shoulder of the little Jew Grossmann, who stood in his way, and thrust his hand almost into Paterson's face, shouting:
"'Sell fifty May at seven-eighths."
It was the last one of his unaccountable selling orders of the early morning.
The other shook his head.
"'Sell fifty May at three-quarters."
Suddenly some instinct warned Landry that another break was coming. It was in the very air around him. He could almost physically feel the pressure of renewed avalanches of wheat crowding down the price. Desperate, he grabbed Paterson by the shoulder.
"'Sell fifty May at five-eighths."
"Take it," vociferated the other, as though answering a challenge.
And in the heart of this confusion, in this downward rush of the price, Luck, the golden goddess, passed with the flirt and flash of glittering wings, and hardly before the ticker in Gretry's office had signalled the decline, the memorandum of the trade was down upon Landry's card and Curtis Jadwin stood pledged to deliver, before noon on the last day of May, one million bushels of wheat into the hands of the representatives of the great Bulls of the Board of Trade.
But by now the real business of the morning was over. The Pit knew it. Grossmann, obstinate, hypnotized as it were by one idea, still stood in his accustomed place on the upper edge of the Pit, and from time to time, with the same despairing gesture, emitted his doleful outcry of "'Sell twenty-five May at ninety-five and three-quarters."
Nobody listened. The traders stood around in expectant attitudes, looking into one another's faces, waiting for what they could not exactly say; loath to leave the Pit lest something should "turn up" the moment their backs were turned.
By degrees the clamour died away, ceased, began again irregularly, then abruptly stilled. Here and there a bid was called, an offer made, like the intermittent crack of small arms after the stopping of the cannonade.
"'Sell five May at one-eighth."
"'Sell twenty at one-quarter."
"'Give one-eighth for May."
For an instant the shoutings were renewed. Then suddenly the gong struck. The traders began slowly to leave the Pit. One of the floor officers, an old fellow in uniform and vizored cap, appeared, gently shouldering towards the
Landry imagined by now that ninety-four and an eighth was as high a figure as he could reasonably expect that morning, and so began to "work off" his selling orders. Little by little he sold the wheat "short," till all but one large lot was gone.
Then all at once, and for no discoverable immediate reason, wheat, amid an explosion of shouts and vociferations, jumped to ninety-four and a quarter, and before the Pit could take breath, had advanced another eighth, broken to one-quarter, then jumped to the five- eighths mark.
It was the Report on the Visible Supply beyond question, and though it had not yet been posted, this sudden flurry was a sign that it was not only near at hand, but would be bullish.
A few moments later it was bulletined in the gallery beneath the dial, and proved a tremendous surprise to nearly every man upon the floor. No one had imagined the supply was so ample, so all-sufficient to meet the demand. Promptly the Pit responded. Wheat began to pour in heavily. Hirsch, Kelly, Grossmann, Leaycraft, the stolid Winston, and the excitable Rusbridge were hard at it. The price began to give. Suddenly it broke sharply. The hand on the great dial dropped to ninety-three and seven-eighths."
Landry was beside himself. He had not foreseen this break. There was no reckoning on that cursed "visible," and he still had 50,000 bushels to dispose of. There was no telling now how low the price might sink. He must act quickly, radically. He fought his way towards the Porteous crowd, reached over the shoulder of the little Jew Grossmann, who stood in his way, and thrust his hand almost into Paterson's face, shouting:
"'Sell fifty May at seven-eighths."
It was the last one of his unaccountable selling orders of the early morning.
The other shook his head.
"'Sell fifty May at three-quarters."
Suddenly some instinct warned Landry that another break was coming. It was in the very air around him. He could almost physically feel the pressure of renewed avalanches of wheat crowding down the price. Desperate, he grabbed Paterson by the shoulder.
"'Sell fifty May at five-eighths."
"Take it," vociferated the other, as though answering a challenge.
And in the heart of this confusion, in this downward rush of the price, Luck, the golden goddess, passed with the flirt and flash of glittering wings, and hardly before the ticker in Gretry's office had signalled the decline, the memorandum of the trade was down upon Landry's card and Curtis Jadwin stood pledged to deliver, before noon on the last day of May, one million bushels of wheat into the hands of the representatives of the great Bulls of the Board of Trade.
But by now the real business of the morning was over. The Pit knew it. Grossmann, obstinate, hypnotized as it were by one idea, still stood in his accustomed place on the upper edge of the Pit, and from time to time, with the same despairing gesture, emitted his doleful outcry of "'Sell twenty-five May at ninety-five and three-quarters."
Nobody listened. The traders stood around in expectant attitudes, looking into one another's faces, waiting for what they could not exactly say; loath to leave the Pit lest something should "turn up" the moment their backs were turned.
By degrees the clamour died away, ceased, began again irregularly, then abruptly stilled. Here and there a bid was called, an offer made, like the intermittent crack of small arms after the stopping of the cannonade.
"'Sell five May at one-eighth."
"'Sell twenty at one-quarter."
"'Give one-eighth for May."
For an instant the shoutings were renewed. Then suddenly the gong struck. The traders began slowly to leave the Pit. One of the floor officers, an old fellow in uniform and vizored cap, appeared, gently shouldering towards the